Our Impact

Delivering change through our companies

By incubating and launching innovative financial risk management companies in frontier and emerging markets we fast-track the development of local financial and capital markets.

Introducing our Impact Review and Trends 2022 document

Introducing our Impact Review and Trends 2022 document

Case studies

Our financial solutions have gone on to make a positive impact in the economies they serve. Read about their success.

Sets the trend towards local currency financing.


Developing inclusive money markets.


Act local to plug the infrastructure funding gap in Africa and Asia.


SDG-focused credit fund.


Local adoption is the ultimate endorsement of Cardano Development’s work.

Operational in 60+ countries

Countries of operation

Measuring our success

CD companies touch on all the United Nations Sustainable Development Goals. CD has a special focus on SDG 17, Partnerships for the goals.

Theory of Change

CD has developed a Theory of Change (ToC) to inform CD’s decision-making process and to enhance its communication, transparency and accountability towards internal and external stakeholders in relation to the mission.

The ToC explains how CD’s innovation work contributes to the ‘pathways of change’ that lead to the intended impacts within our target financial markets. The ToC refers to the CD’s current activities as well as future possible developments.

The ODI has produced a literature review to establish a stylised description of ‘typical’ underdeveloped financial systems and their gaps and deficits in supporting inclusive and stable economic growth and how CD’s interventions will contribute to tackling these gaps and deficits (market failures).

Read our Theory of change here